Buyers looking to purchase real estate in Norwalk and other towns in the area must be pleased to see interest rates hovering near record lows.
Rates on a 30-year fixed mortgage are currently hovering around 3.55% which is down from about 4.12% this time a year ago. It is hard to see rates go much lower, but that is what a lot of people thought when rates dropped to 4.5%. Low interest rates have played a part in stabilizing the housing market. So far, analysts aren’t in agreement that the housing market has hit bottom and is headed back up. If it hasn’t, it is hard to believe interest rates will go much lower in order to help the recovery. If interest rates rise, that will put downward pressure on price. Sellers, or those thinking about selling are hoping to see prices creep up, but it might be years before we see any consistent price gains in lower Fairfield County.
To read an article on current rates from Housingwire.com, CLICK HERE.
Keep an eye on interest rates, and see how long they can stay at their current levels. They will certainly play a part in deciding on which direction the housing market goes from here.
Questions about Norwalk real estate? Email Todd by visiting www.NorwalkRealEstateTodd.com